Wearable Healthcare Devices Market by Device Type (Diagnostic & Monitoring Devices and Therapeutic Devices), Products (Activity Monitors/Trackers, Smartwatches, Patches, and Smart Clothing), Grade Type (Consumer-Grade and Clinical-Grade), Application (General Health & Fitness, Remote Patient Monitoring, and Home Healthcare), Distribution Channel (Pharmacies, Online Channel, Hypermarkets, and Others) and Geography: Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00027087 | Pages: 100 | Industry: Medical Device | Date: Oct 2022 | Type: Global

The market crossed the US$ 18.98 billion mark in 2022 and is expected to hit US$ 41.22 billion by 2030, recording a CAGR of 10.2% during the forecast period.

The wearable healthcare devices market has grown significantly due to the technological developments by key players and their market consolidation.

The technological developments have enabled players to integrate the internet of things (IoT) with medical devices, facilitating the connection between patients and service providers. Market consolidation is a widely accepted strategy by the market players to sustain their position in the market. The market consolidation strategy has enabled various players to enhance their R&D activities and expand their product portfolio. For instance, Medtronic plc partnered with Fitbit to integrate health and activity tracking for diabetic patients, physicians, and care teams. The collaboration has introduced, iPro 2 myLog mobile app that has enabled type 2 diabetic patients to see their glucose levels and physical activity data in a single application. These advancements have resulted in the adoption of telemedicine and wearable healthcare devices technologies. Thus, the developments have allowed medical device players to attract the population to offer their innovative medical devices.  In 2021, the diagnostic & monitoring devices segment held the maximum share in the global market mainly due to assisting in reducing patient load at hospitals and health centers.

Within the report, the market is segmented into device type, product, grade type,  application, distribution channels and geography. By device type, the wearable healthcare devices market is segmented into diagnostic & monitoring devices and therapeutic devices. Diagnostic and monitoring devices are further sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, fetal monitoring & obstetric devices, and neuromonitoring devices. The therapeutic devices are further sub-segmented into pain management devices, rehabilitation devices, respiratory therapy devices, and insulin pumps. Based on product, the wearable healthcare devices market is segmented into activity monitors/trackers, smartwatches, patches, and smart clothing. Based on grade type, the wearable healthcare devices market is bifurcated into consumer-grade and clinical-grade. The wearable healthcare devices market is segmented by application into general health and fitness, remote patient monitoring, and home healthcare. The market is segmented based on distribution channels into pharmacies, online channels, hypermarkets, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Rapid Spread of COVID-19 will Boost Market Growth

Wearable devices play an important role in predicting certain disorders by integrating essential vital signs with clinical symptomology. The COVID-19 outbreak became a threat to public health. Wearable healthcare devices are a rapidly expanding field of medicine. With the COVID-19 pandemic, there has been an increase in the use of telemedicine to connect patients and healthcare providers, which has been made possible by mobile health (mHealth) applications. The use of wearable devices to combat COVID-19 has therefore been ramped up. Research has recently broadened on whether the extensive data that wearable devices collect can predict the onset of the virus or not. Wearable technologies offer a convenient mode of monitoring physiological symptoms, featuring many medical solutions. These devices are easy for consumer use and provide real-time data for physicians to analyze.  

The rising awareness of home healthcare is one of the major factors accelerating market growth.

With the increasing technological developments, remote patient monitoring has evolved as an excellent growth strategy for medical device players. These advancements have supported the market players by demanding user-friendly, efficient, accurate, and effective medical devices in a homecare setting. Moreover, the demand for wearable healthcare devices among older people has significantly increased and helped in leveraging the market's growth.

Recent strategic developments in the Wearable Healthcare Devices market

The Wearable Healthcare Devices market has undergone several significant developments, and a few of these have been mentioned below:

  • In April 2021, Fitbit, Inc. introduced Fitbit Luxe.
  • In April 2017, Medtronic plc signed an agreement with Garmin, an Israel-based company, to combine its vivofit series activity trackers with the Medtronic Care Management Services (MCMS) RPM platform.

Several players drive the Wearable Healthcare Devices market by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Medtronic plc.; Koninklijke Philips N.V.; OMRON Corporation; Biotelemetry Inc; Apple, Inc.; Dexcom Inc.; Abbott Laboratories; Masimo Corporation; GE Healthcare; Bio-Beat Technologies are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Market-related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Distributors and sales firms
  • End users of medical devices
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Device Type:
    • Diagnostic & Monitoring Devices
      • Vital Signs Monitoring Devices
      • Glucose Monitoring Devices
      • Sleep Monitoring Devices
      • Fetal Monitoring & Obstetric Devices
      • Neuromonitoring Devices
    • Therapeutic Devices
      • Pain Management Devices
      • Rehabilitation Devices
      • Respiratory Therapy Devices
      • Insulin Pumps
  • Products:
    • Activity Monitors/Trackers
    • Smartwatches
    • Patches
    • Smart Clothing
  • Grade Type:
    • Consumer-Grade
    • Clinical-Grade
  • Application:
    • General Health & Fitness
    • Remote Patient Monitoring
    • Home Healthcare
  • Distribution Channel
    • Pharmacies
    • Online Channel
    • Hypermarkets
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • Medtronic plc.
    • Koninklijke Philips N.V.
    • OMRON Corporation
    • Biotelemetry Inc
    • Apple, Inc.
    • Dexcom Inc.
    • Abbott Laboratories
    • Masimo Corporation
    • GE Healthcare
    • Bio-Beat Technologies

The List of Companies
- Medtronic plc.
- Koninklijke Philips N.V.
- OMRON Corporation
- Biotelemetry Inc
- Apple, Inc.
- Dexcom Inc.
- Abbott Laboratories
- Masimo Corporation
- GE Healthcare
- Bio-Beat Technologies

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